13Sep 2021 by Pat Geddie
How to Dissolve a Business in Florida

How to Dissolve a Business in Florida

Business Law
Starting a business can be one of the most exciting decisions of your life, but many things come to an end. It is important to recognize that dissolving a business is also a major step and can have costly impacts if not done correctly. When the decision has come to dissolve your business, the way in which you do so will depend on the type of organization you have, how many owners there are, what their ownership and contractual rights are, and also local laws and procedures. Connecting with a Boca Raton business law attorney can help to ensure that the process is done correctly, effectively, and completely, so that your risk in dissolving is minimized and the benefit maximized. Winding Up and Filing Paperwork When it comes to partnerships,…
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08Aug 2021 by Pat Geddie
How to Start a Business with a Partner

How to Start a Business with a Partner

Business Law
Successfully beginning a partnership depends a lot on the work that you put in ahead of time. The choices that you make in the business formation process could make or break the business. Here are some steps that could help your partnership. Choose the Right Partner You may end up responsible for the other person’s actions in a partnership. Your success depends on them. This is why you need to select a trustworthy partner with whom you work well. Find someone with skills that complement yours. The best thing is to have a track record and history with that person already. You should have an extensive discussion about your values and goals before you go into business with someone because you are bound together. Get Everything in Writing You will…
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12May 2021 by Pat Geddie
What to Know Before Hiring Your First Employee

What to Know Before Hiring Your First Employee

Business Law
Here is what you should know as a business owner before you hire your first employee. Having workers can be beneficial, but it also subjects you to various requirements. Learn About Employment Laws There are a number of laws that apply to the employment context. They include: Discrimination statutes Workplace safety laws The Fair Labor Standards Act (FLSA) The Employee Retirement Income Security Act (ERISA) State employment laws Violating any one of these laws could open you up to a lawsuit or an enforcement action. It is important that you understand what laws apply to you and how to follow them. This is where you should seek the advice of an attorney. Change Your Business Structure When you have employees, you may be subject to employment-based lawsuits. This is when…
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20Apr 2021 by Pat Geddie
How Can You Know the Value of Your Business?

How Can You Know the Value of Your Business?

Business Law
Knowing how much your business is worth is important for a number of reasons, including: You are considering a corporate transaction. You are engaging in estate planning. You are insuring your business. Either way, business valuation can be challenging, especially when much of your company consists of illiquid assets. There are a number of ways to value your business. Here are three ways to know what your company is worth: Earnings Assets Cash flow Earnings Method The value of your business could depend on how much money you make. A prospective buyer would be willing to pay for future earnings. They would use a certain multiple of your earnings or revenues as a guide for how much to pay. Buyers would not just be looking at what you made last…
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15Mar 2021 by Pat Geddie
Steps to Starting an Online Business

Steps to Starting an Online Business

Business Law
Many bricks-and-mortar businesses faced serious struggles during the pandemic, and some owners looked toward online business as a solution to protect their futures. If you have an idea for an online business or are making the transition to online transactions, you can have more security should another natural disaster or unexpected situation arise. Online companies are still companies that have many legal concerns and compliance requirements. Even though you don’t have to find the right commercial property to lease, you should not ignore the other steps you should take. Always have the guidance of a Boca Raton business startup attorney. Choosing a Company Name Online companies should put particular thought into selecting the business name. You want to make sure the name is available for registration in your state, as…
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15Mar 2021 by Pat Geddie
Taking Action for Trade Secret Theft

Taking Action for Trade Secret Theft

Business Law
Trade secrets are critical assets for many businesses, and even with all of the proper protections, employees or competitors can still steal trade secrets and misuse the information for an unfair advantage. If your company had any trade secrets stolen, you should discuss the legal action you should take with a Boca Raton business litigation attorney right away. Relief for Trade Secret Theft In order to have legal rights to protect your trade secrets, you must ensure the information is not easily accessible and is treated as confidential within your organization. This includes having those with access sign non-disclosures agreements, having information password-protected, and more. If you properly protected your trade secrets, you can take action if someone misappropriated the information under state law. You can file a claim with…
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15Feb 2021 by Pat Geddie
Does Your Business Have a Buy-Sell Agreement?

Does Your Business Have a Buy-Sell Agreement?

Business Law
Many people have brilliant business ideas, but they are unsure of what agreements and documentation they should have in place to protect the owners’ rights and interests. A common misconception is that a buy-sell agreement is one needed when you are purchasing or selling a business. In reality, it is an agreement that all multi-owner companies should have. A buy-sell agreement is also commonly called a buyout agreement, as it dictates the rights of other owners to buy out one owner’s interests under certain circumstances. For example, one owner’s interests might be vulnerable due to: Divorce Bankruptcy Retirement Incapacitation Death The last thing many owners want is for a spouse or someone else who has never been involved in the business to then have a stake and a vote. Instead,…
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13Nov 2020 by Pat Geddie
Assistance with Business Compliance Issues

Assistance with Business Compliance Issues

Business Law
Every business has complex sets of laws with which they must comply, and these laws can vary widely depending on your industry, operations, workforce, location, and more. Noncompliance with even one regulation can result in penalties, liability, or even the closure of your business. So how do you stay on top of it all, especially when you are already busy running your business? Having a business compliance attorney in your corner can make all the difference. Many large companies have an in-house general counsel who has the full-time jobs of addressing legal matters, including compliance. These lawyers know the corporations and relevant laws inside and out, which helps keep the operation in line with the law. However, most small businesses do not have the resources - nor the need -…
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07Oct 2020 by Pat Geddie
Are You Considering the Sale of Your Business?

Are You Considering the Sale of Your Business?

Business Law
In 2020, many business owners have faced struggles, and simply operating can require significantly more effort and resources than before the pandemic began. Some owners are deciding to pass the torch by selling their business, so they can retire or take a different route that might be less stressful. You should carefully consider the pros and cons of selling your company at this time, and some factors to weigh include: How is your industry performing in general? Has your company performed well in the market? How do your future financial forecasts look? What are the current interest rates? Are you personally ready to bow out of your company? You should discuss the big picture with a business attorney who can help advise you on the best course of action for…
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22Jul 2020 by Pat Geddie
Common Concerns for Business Owners in 2020

Common Concerns for Business Owners in 2020

Business Law
Boca Raton residents love our small businesses - from restaurants to retail stores to event planners, and many more. In fact, last year, Boca Raton was considered the best place to start a small business in the U.S. However, there is no doubt that the Coronavirus pandemic has created new challenges for business owners across the United States, and Boca is no different. The following are some common concerns for business owners in 2020. Contract fulfillment - The pandemic and economic crisis prevented many companies from fulfilling their contractual obligations, or from receiving what they should from other parties to a contract. Contract disputes can be costly, and you want the help of the right attorney to resolve the matter as effectively as possible. Income loss - If your business…
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